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Labor Shortages: Difference between revisions
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{{ | {{Tweet | ||
|image=Eric profile picture.jpg | |||
|nameurl=https://x.com/EricRWeinstein/status/1857224933048479901 | |||
|name=Eric Weinstein | |||
|usernameurl=https://x.com/EricRWeinstein | |||
|username=EricRWeinstein | |||
|content=It’s been up for about a quarter of a century: | |||
https://users.nber.org/~sewp/references/archive/weinsteinhowandwhygovernment.pdf | |||
|thread= | |||
{{Tweet | |||
|image=Eric profile picture.jpg | |||
|nameurl=https://x.com/EricRWeinstein/status/1857224305857429505 | |||
|name=Eric Weinstein | |||
|usernameurl=https://x.com/EricRWeinstein | |||
|username=EricRWeinstein | |||
|content=[[Labor Shortages|There is no such thing as a labor shortage in a large market economy]]. This is due to a concept called the [[Wage Mechanism|wage mechanism]]. There are two curves called supply and demand which intersect at a point that determines the wage. | |||
You are probably confusing this with a centrally planned economy. We discussed this in my office in Littauer. We were colleagues in the same dept. You spoke in the seminar of the program I co-founded with Richard Freeman about women in Science. It was called the science and engineering workforce project. SEWP. At NBER? | |||
You were Harvard’s President. | |||
It was a long time ago. | |||
|quote= | |||
{{Tweet | |||
|image=LHSummers-profile-Co1cN750.jpg | |||
|nameurl=https://x.com/LHSummers/status/1857053163695559025 | |||
|name=Lawrence Summers | |||
|usernameurl=https://x.com/LHSummers | |||
|username=LHSummers | |||
|content=I think every sensible American thinks we need to do more to secure our border. But if you're talking about deporting millions of people, that is an invitation to labor shortage and bottlenecks. I hope Trump will get the message from this election and adjust his program so that it is not inflationary. I certainly hope that if his program is inflationary, it will not be accommodated by the Federal Reserve. | |||
{{#widget:YouTube|id=vUpudX_cFoo}} via @YouTube | |||
|timestamp=1:29 PM · Nov 14, 2024 | |||
}} | |||
|timestamp=12:49 AM · Nov 15, 2024 | |||
}} | |||
{{Tweet | |||
|image=Eric profile picture.jpg | |||
|nameurl=https://x.com/EricRWeinstein/status/1857224314241867851 | |||
|name=Eric Weinstein | |||
|usernameurl=https://x.com/EricRWeinstein | |||
|username=EricRWeinstein | |||
|content=Here is the paper we discussed at NBER. The first line is literally this: | |||
[[Labor Shortages|“Long term labor shortages do not happen naturally in market economies.”]] | |||
You said “Obviously.” | |||
We last discussed it in Arizona. October 24, 2019 when we both spoke. Am I imagining this Larry? | |||
|timestamp=12:49 AM · Nov 15, 2024 | |||
|media1=ERW-X-post-1857224314241867851-GcYvq2IboAAxDyX.jpg | |||
}} | |||
|timestamp=12:51 AM · Nov 15, 2024 | |||
}} | |||
=== 2025 === | === 2025 === | ||